Albania Approved Law to Regulate Crypto Industry

In October 2019, the draft law on Financial markets based on the technology of distributed ledgers was submitted to the Ministry of Finance and Economy of Albania. On May 21, 2020, the draft was approved by the country's parliament. After approval and signing, the law regulating the crypto industry of Albania will enter into force on September 1, 2020. Recall that earlier in the country there was no law to regulate the cryptocurrency sector.

The approved law covers the terms of licensing cryptocurrency activities in the country, as well as monitoring the entire financial infrastructure operating on blockchain. The Albanian Minister of Finance and Economy stated that the law was adopted in order to make the best use of the advantages that technology offers, taking into account a number of potential risks. These risks include fraudulent schemes, terrorism financing, money laundering and market manipulation.

It is worth noting that a step taken by the Albanian government makes it the third country after Malta and France, which has created the legal framework for the crypto industry. Now in the country it is allowed to install ATMs for cryptocurrencies from the manufacturer General Bytes.

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